Will Binance Remain as Popular with US Traders?
Initially a successful ICO, Binance was truly one of the best investments of the 2017 era. Since its launch, the Exchange introduced many revolutionary features. SAFU managed to keep users' funds safe, their native stablecoin, BNB launched its own chain, and Binance DEX was latter rolled out. Despite being only 2 years old, Binance managed to rival older more established exchanges.
Unfortunately for Binance, they are facing a problem that is troubling the entire cryptocurrency industry: unclear government regulations.
Binance.US What to Expect
Roughly a week after Binance Global closed their doors to US traders, their U.S. dedicated exchange launched. The Binance.US version will be very different than their global version. Many of the functionalities we are familiar with and even admire will not be available to U.S. based traders. In addition to that, individuals from many states will not be able to register for now.
While this might be temporary until Binance receives all licensing and regulations, traders from the following states cannot trade on the platform: Alabama, Alaska, Connecticut, Florida, Georgia, Hawaii, Idaho, Louisiana, New York, North Carolina, Texas, Vermont, & Washington.
It is very important to note that Binance.US is an entirely different entity than Binance Global. Accounts from the U.S. will not be transferred automatically to Binance.US and will be required to re-register and transfer their funds.
It is also expected that Binance.US will offer a much lower number of trading pairs and cryptocurrencies. One should expect that it will offer a short list of top cryptocurrencies similar to Coinbase Pro. Binance's own BNB might initially be unavailable on the platform.
In a bid to keep U.S. Binance fans to adopt the new platform, Binance.US has announced zero fees until the 1st of November.
Zero trading fees on https://t.co/AZwoBOy3iq— Binance.US (@BinanceAmerica) September 18, 2019
Standing by our values of reducing the barriers to digital asset adoption, we are lifting all fees for trading at launch — Zero Fees until November 1, 2019.
8AM EST - Set an alarm #BinanceUSA🇺🇸 pic.twitter.com/78zf3upofN
Registration and deposits on Binance.us will be available later today. U.S. traders can deposit funds in the following currencies: BTC, ETH, XRP, BCH, LTC, & USDT. One can expect that the trading experience and client protection will be of Binance quality.
Written by Jonathan Ganor
Writer & cryptocurrency aficionado